Mill City Credit Union Hosts Interactive Budgeting Simulation for Youth
Wednesday, August 9, 2017
MINNETONKA, Minn. (August 9, 2017) - On Friday, August 4, Mill City Credit Union (CU) hosted Mad City Money, a financial literacy and budgeting simulation for youth that mimics real life as an adult. The simulation had 19 participants between the ages of 11 and 17.
During the simulation, the participants were randomly assigned a family situation and monthly income with which they had to manage one month of expenses, such as student loan and credit card debt. They also had to visit nine different merchant stations in Mad City to purchase a car, housing, child care, clothing, food, and other wants and needs. The simulation also included a station of “fate,” where participants would receive unexpected expenses or windfalls.
“It was fun to watch the participants make decisions about things like child care and what kind of vehicle they would drive,” stated Missy Mound, Vice President/Chief Marketing Officer and Mad City Money
volunteer. “I was really impressed with the insights participants shared about decisions they made in order to stay on track with their budget.”
After going through Mad City, participants stated that they learned the importance of budgeting and making smart financial decisions. They also learned valuable financial skills including how to write a check, how to track debits and credits in a check register, and tips for being a smart saver. Participants stated that their favorite aspects of the simulation were how interactive it was, imagining what their future might be like, and understanding how expensive some items really are.
About Mill City Credit Union
Mill City Credit Union is a member-owned financial cooperative. The credit union serves a membership of General Mills employees, retirees, and their family members nationwide, as well their neighbors in Carver, Hennepin, Meeker, McLeod, and Wright counties in Minnesota. The credit union maintains five metro Minnesota branches, as well as branches in Cedar Rapids, Iowa; Belvidere, Illinois; Hannibal, Missouri; and Murfreesboro, Tennessee.